Oil, Aker BP, Lundin. Nordic refreshment

Published on 20 Dec. 2021 at 19: 14Updated 22 Dec. 2021 at 19: 32

Old love never rusts, they say in a Norway torn between a tenderness, not nostalgic, for the oil cornucopia and its environmental passion. The affection of investors for large marriages in oil exploration and production should have been expressed on the occasion of the publication of their banns by the Anglo-Norwegian Aker BP and by the Swedish Lundin Energy. But the two promises forgot that you shouldn’t play around with stock market feelings.

The absence of a real premium for the plowman of the Nordic fields (and even a discount of 6.6% on the price of the day before, boosted by rumors since the end of November), and the projections of a sawtooth production for the new black gold number 2 on the Norwegian mainland, spoiled the party.

The consolidation of declining hydrocarbon deposits in the North Sea, a real sea serpent, perhaps did not deserve such a tarring of a transaction paid at 61% in paper by Aker BP, and initially valued at 12, 2 billion euros (-6.8% for Aker BP and – 12, 4% for Monday Wednesday). But the operation is not without ambiguity either.

The birth of the “oil exploration-production company of the future”, as presented by the boss of Aker BP, Karl Johnny Hersvik, by praising the weakness of its carbon intensity, allows the British BP to dilute itself in the capital, and it was up to the Lundin family to quickly turn the oil page which earned them legal proceedings in Sweden. The future is always the past in preparation…